Gold and silver rate: Due to the boom in the stock market and rapid buying by the stockist, on Wednesday, the rates of silver in the country’s capital Delhi have been seen to see a jump of Rs 4,000 and with this lead, Silver is trading at a record level of Rs 1,18,000 per kg today.
Along with this, the rate of gold has also gained Rs 1,000. According to the All India Bullion Association, gold with 99.9 percent purity has also seen a rise of Rs 1,000, after which today’s gold rate is at Rs 1,01,020 per 10 grams with all taxes.
The gold rate in the last trade session closed at Rs 1,00,020 per 10 grams. On Wednesday, gold with 99.5 percent purity has also seen a rise of Rs 900, after which today’s gold rate is at Rs 1,00,450 per 10 grams with all taxes. It closed at Rs 99,550 per 10 grams in the last trade session.
Senior analyst of HDFC Securities Soumil Gandhi has said that gold demand remains with the increase in global uncertainties. The main reason for this is the decreasing possibilities of trade agreement before the 1st August Timit. Gandhi said that this uncertainty has increased the concern of the market, which is increasing the trend towards secure investment. He said that gold and silver are also getting support from overall weakness in US dollars.
Silver rose by Rs 3,000 to close at Rs 1,14,000 per kg on Tuesday in the country’s capital Delhi. In the last 3 sessions, it gained Rs 7,500 per kg. Bullion traders said that the current trend in silver is mainly inspired by industrial demand.
Meanwhile, silver futures for September supply on Multi Commodity Exchange i.e. MCX rose by Rs 896, or 0.77 percent, reached a new record level of Rs 1,16,551 per kg. However, gold futures fell by Rs 24 to 10 grams per 10 grams for August supply on the Commodity Exchange.
At the global level, the spot gold fell 0.26 percent to $ 3,422.87 an ounce. Jatin Trivedi, vice -president and analyst of LKP Securities, said Investors would wait for the PMI figures of manufacturing and service sector from the US, Britain and Euro sector. This will indicate the direction of bullion prices in the coming time. Silver spot in foreign markets rose 0.26 percent to $ 39.39 an ounce.
(With agency input)
